Accounting Quiz 07

Keeping the log of financial information in books of original entries is called__________?

Processing

Summarizing

Recording

Grouping

Correct! Wrong!

Which of the following is the external user of financial statements?

CEO of the business

Creditor of the business

Controller of the business

Manager of the business

Correct! Wrong!

Which of the following is the internal user of financial statements?

Manager of the business

Shareholder of the business

Creditor of the business

Government agency

Correct! Wrong!

Auditing is what?

Preparation financial statements

Examination of financial statements

Reporting the financial information

Maintaining the ledger records

Correct! Wrong!

Bookkeeping mainly concerns with which part of accounting process?

Analyzing

Recording financial information

Auditing the books of accounts

Preparing financial statements

Correct! Wrong!

_________ is the first phase of accounting cycle?

Preparing journals

Posting entries to ledger accounts

Making decisions about business

Identifying an economic event or transaction

Correct! Wrong!

For which step of accounting process the accountants of business entity prepare financial statements?

Recording financial information

Making decisions about business

Identification of economic event

Communication of financial information

Correct! Wrong!

Financial accounting provides financial information to all of the following external users except:

Creditors

Government agencies

Managers

investors

Correct! Wrong!

Identify the correct sequence of accounting process

Recording→Communicating→Identifying

Identifying→communicating→recording

Identifying→recording→communicating

Communicating→Recording→Identifying

Correct! Wrong!

In accounting an Economic event is referred to as:

Cash

Bank statement

Exchange of money

Transaction

Correct! Wrong!

Accounting Quiz 07

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Accounting Quiz 07

Keeping the log of financial information in books of original entries is called__________?

Which of the following is the external user of financial statements?

Which of the following is the internal user of financial statements?

Auditing is what?

Bookkeeping mainly concerns with which part of accounting process?

_________ is the first phase of accounting cycle?

For which step of accounting process the accountants of business entity prepare financial statements?

Financial accounting provides financial information to all of the following external users except:

Identify the correct sequence of accounting process

In accounting an Economic event is referred to as:

About the author

Muhammad Arslan

Keeping the log of financial information in books of original entries is called__________?

Which of the following is the external user of financial statements?

Which of the following is the internal user of financial statements?

Auditing is what?

Bookkeeping mainly concerns with which part of accounting process?

_________ is the first phase of accounting cycle?

For which step of accounting process the accountants of business entity prepare financial statements?

Financial accounting provides financial information to all of the following external users except:

Identify the correct sequence of accounting process

In accounting an Economic event is referred to as:

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About the author

Muhammad Arslan